What’s Ahead For Mortgage Rates This Week – July 25, 2016

Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

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4400 W Missouri Avenue Glendale, AZ 85301

$94,500

3 Beds

2 Baths

1,248 SqFt

Status Active

MLS # 6640295

Property Type Manufactured Home

Price Type --

**SELLER FINANCING AVAILABLE** ALL AGES PARK COMMUNITY! This 3 bedroom, 2 bathroom home is ready for its next owner! Located on the Corner & across from the Community Pool! Land lease is very affordable and community is located near grand avenue.

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701 S Dobson Road Mesa, AZ 85202

$94,500

3 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6647061

Property Type Manufactured Home

Price Type --

PRICE ENHANCEMENT***LOCATION*3 BEDROOM 2 FULL BATHROOMS 1460 SQ FT DOUBLEWIDE WITH 11X33 SCREENED IN BONUS/AZ ROOM & FREEZER,CONVENIENTLY SITUATED ON LARGER LOT,N/S EXPOSURE,NEAR AMMENTITIES W/IN THIS 55+COMMUNITY LOCATED IN THE HEART OF MESA.NEW A/C,WASHER,NEWER HOT WATER HEATER,EXTERIOR RECENTLY PAINTED,ROOF DOUBLE INSULATED W/4'' FOAM AND STEEL OVER TOP,MASTER BATH HAS WALK IN SHOWER,BOTH MASTER BEDROOM AND 3RD BEDROOM HAVE WALK IN CLOSETS,SKYLIGHTS IN KITCHEN FOR ENHANCED LIGHTING,OVERSIZED PARKING FOR 2 VEHICLES AND OR GOLF CART,LARGE TUFF SHED,HOME VERY WELL CARED FOR AND MAINTAINED,CLOSE TO MEKONG PLAZA, INT'L MARKETS,BANNER HOSPITAL,I-10,LOOP 101,202,BUSES,LIGHT RAIL*LOWER LOT RENT APPROX $628.00 MO.*****RENTALS OK*****

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120 N Val Vista Drive Mesa, AZ 85213

Open House

$93,975

3 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6683952

Property Type Manufactured Home

Price Type --

Free 1st Month's rent. This tastefully updated mobile home in the Adult Community of Mesa is the one! It offers carport parking & a delightful front porch perfect for welcoming guests. Discover bright & spacious living/dining room featuring recessed & chic light fixtures, a kitchen hutch, a soothing palette, & sleek wood-style flooring. Enjoy intimate gatherings in the family room! Immaculate kitchen is equipped w/wood cabinetry, granite counters, a mosaic tile backsplash, a pantry, & a breakfast bar. Large bonus room is ideal for a hobby space. The primary bedroom has plush carpeting, a private bathroom w/dual sinks, & designer's tile shower. The lovely Arizona room is great for year-round entertainment. Out the back, you have a storage shed & a covered patio.

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10330 W Thunderbird Boulevard Sun City, AZ 85351

$93,000

1 Bed

1 Bath

841 SqFt

Status Active

MLS # 6673534

Property Type Apartment

Price Type --

''Rare Find! Spacious First Floor Unit in Premium Location with Stunning Views'' Discover the epitome of luxury living with this rare gem - a first-floor unit boasting a premium location and the largest 1 bed/1 bathroom floor plan in the development. As you step inside, you'll be greeted by an open kitchen-family room layout, creating a seamless flow perfect for both relaxation and entertainment. Exit through the Arcadia door to your covered patio, overlooking the beautifully landscaped, wide-open common area with a charming gazebo. It's like having your own private estate without the maintenance hassle. Enjoy the 2022 laminate flooring in the family room, bedroom, and hallway, paired with tile flooring in the bathroom and kitchen - a perfect blend of style and functionality with no carpe in sight. This unit boasts a plethora of features, including a 2019 AC unit, an enormous walk-in closet, a built-in desk in the bedroom, and ample storage throughout. The community amenities are unparalleled, offering a plethora of options for entertainment and relaxation. From the media area and billiard room to the fitness center and heated pool/spa, there's something for everyone to enjoy. Indulge in the convenience of on-site services such as chauffeured transportation, laundry service, and even a beauty salon. With a wide range of health and wellness programs, this independent living facility provides everything you need for a comfortable and fulfilling lifestyle. Don't miss out on the opportunity to experience the beauty and convenience of this exceptional community.

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2603 W Rose Lane Phoenix, AZ 85017

$92,999

1 Bed

1 Bath

550 SqFt

Status Active

MLS # 6670035

Property Type Apartment

Price Type --

Check out this updated unit that will not last long. Recently updated, new paint, lighting, front door, fixtures, microwave, electrical, plumbing ceiling fans, and more. Tile throughout and a nice clean place that is extremely affordable in a quickly improving Central location. Really nice community areas, with a sparkling pool, mature trees and shaded grassy areas. You won't find anything like this in this price range! This is a co-op so CASH ONLY! No renting allowed, owner occupied units only!

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26511 W Sherbundy Drive Casa Grande, AZ 85193

$92,500

2 Beds

1 Bath

824 SqFt

Status Active

MLS # 6655124

Property Type Manufactured Home

Price Type --

This charming 2-bedroom, 1-bath home is now for sale, offering cozy living on a spacious corner lot spanning over 0.30 of an acre, just outside the City of Casa Grande limits. Step inside to discover updated flooring, kitchen cabinets, and a refreshed bathroom vanity, providing a modern touch to this inviting abode. The improvements add both aesthetic appeal and functionality, enhancing the overall living experience. Situated on a generous lot, there's ample room for outdoor activities, gardening, or potential expansion. Plus, being just outside the city limits offers a perfect blend of suburban tranquility and urban convenience. Home is a canvas waiting completion.

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10330 W Thunderbird Boulevard Sun City, AZ 85351

$90,000

2 Beds

2 Baths

1,016 SqFt

Status Active

MLS # 6651199

Property Type Apartment

Price Type --

Indulge in the epitome of resort-style independent living with this remarkable El Dorado condo. Inside, is a spacious living area features LVP flooring throughout, creating an inviting atmosphere with ample room for a dining table. The kitchen is elegantly equipped with upgraded granite countertops, a tile backsplash, and a new side-by-side refrigerator, complemented by a generously sized walk-in pantry for all your storage needs. Both bathrooms have been beautifully updated with full tubs, showers, linen closets, and the added safety feature of grab bars. El Dorado HOA providing meal plans, transportation services, housekeeping, linen service, cable, water, sewer, trash, and more, you'll have everything you need to live in comfort and style.

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30630 S Burnt Sage Road Congress, AZ 85332

$90,000

1 Bed

1 Bath

397 SqFt

Status Active

MLS # 6654204

Property Type Manufactured Home

Price Type --

This 397-square-foot fixer-upper manufactured home, built in 1998, has endless potential as a great investment property. With a detached garden shed and ownership of the 3,575-square-foot lot, there is plenty of room for improvement. The one-bedroom, one-bathroom home needs repairs, including flooring in the kitchen area. Escapees at North Ranch is a sought-after community nestled in the Congress area. With proximity to Wickenburg and a short drive from Prescott, residents can enjoy the best of both worlds. Enjoy the fantastic amenities such as the Clubhouse/Rec Room, Coin-Op Laundry, and Handball/Racquetball court for endless entertainment and relaxation.

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2609 W Southern Avenue Tempe, AZ 85282

$89,999

4 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6574926

Property Type Manufactured Home

Price Type --

Seller offering 1 year home warranty! BRAND NEW EXTERIOR PAINT on this spacious 4 bedroom home, located in the beautiful AGE RESTRICTED community of Contempo Tempe. Come discover all that is offered in this wonderful community. This home has over 1500sf of space, new flooring, new interior and exterior paint. Fourth bonus bedroom has a huge walk in closet.

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9501 E Broadway Road Mesa, AZ 85208

$89,990

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6650562

Property Type Manufactured Home

Price Type --

Lots of open space awaits you in this amazing retirement home! It's loaded with freshly painted cabinets, newer laminate flooring and granite countertops! You'll be ready to entertain way as soon as you move in! The kitchen is equipped with all stainless steal appliances & includes the fridge. 2 full bedrooms are perfect for naps & guests. Owner's bathroom has a handicap tub. A couple of the rare features are the two porches and the side by side covered parking spaces. The front porch is extended and has waterproof flooring installed. Outback you have a shed/workshop with its own AC unit & electricity if you need a place to work on projects. Shed includes work bench with 4 outlets. The home includes central heating & cooling and is energy efficient!

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2701 E Allred Avenue Mesa, AZ 85204

$89,900

2 Beds

2 Baths

884 SqFt

Status Active

MLS # 6645311

Property Type Manufactured Home

Price Type --

AN INCREDIBLE PRICE!! Step into a year-round retreat tailored for those 55 and wiser! Enjoy mornings on the porch, coffee in hand, embracing exclusive sunrises. Plank flooring and bedroom carpets create a cozy haven in this thoughtfully laid-out home, giving you privacy and ample space. And get this—a budget-friendly land lease at just $600/month! Mesa Grande welcomes you with a variety of amenities tailored for your comfort --—a fitness room, a relaxing pool/spa, Pickleball courts, a clubhouse for socializing, and billiards for those laid-back moments. This is more than a home; it's an invitation to a lifestyle crafted for those 55 and better. Not only is this home a perfect year-round retreat, it is also a fantastic investment opportunity for winter visitors.

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2609 W Southern Avenue Tempe, AZ 85282

$89,900

2 Beds

2 Baths

950 SqFt

Status Active

MLS # 6648575

Property Type Manufactured Home

Price Type --

Fully remodeled 2 bed 2 bath! Financing available! Association may approve applicant under 55, minimum age of 40. 950 sq ft interior with 320 sq ft porch. Kitchen features dark wood like flooring, neutral paint, white cabinets. Amazing opportunity to live in this adult community nestled in the vibrant heart of Tempe. This manufactured home community is ideally situated just off Southern Avenue. Embrace a lifestyle of luxury & leisure with world-class amenities including resort-style pool, fitness center, pickle ball courts, community park, clubhouse, commercial kitchen, billiards room, library, TV lounge, a variety of fun social activities planned each month. Owner occupied only community. Close to 10 & 60 freeways, ASU, downtown Phoenix, Phoenix Sky Harbor, restaurants and more!

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